Publicly listed property developer company PT Indonesian Paradise Property taps on high-end property market in Batam with its One Residence Apartment. The apartment located next to its Harris Hotel and Ferry Terminal in Batam Center. It is the first mixed use property that the company develops in Batam, a neighbour city of Singapore.
The company is known to own and operate high-end mixed used, hotel, and retail brand properties such as Plaza Indonesia shopping center, Keraton at the Plaza Indonesia Hotel, Beachwalk shopping center, etc.
The company that listed under initial INPP in the Indonesia Stock Exchange aims to tap into the middle to high-income market in Batam by presenting only four unit types. The two-bedroom units come with two choices namely 45 square meters and 46.5 square meters, while the three-bedroom units are available in two types namely 70 square meters and 79 square meters for the loft ones. The apartment only hosts five loft units and 28 three-bedroom regular units of all 331 units.
“We see a gap [of opportunity in Batam] that had not been taken by other developers who always play in the low to middle-income market with studio and one-bedroom units. We are eyeing a completely different segment, which is middle to high-income market,” says Reagan Halim, Chief Project Marketing of INPP, after the topping off ceremony, this end of November.
INPP invested as much as Rp 300 billion to build the 32-story apartment on its own land bank of 15,957 square meters through its subsidiary PT Retzan Indonusa. The units are sold with prices ranging from Rp 900 million to Rp 1.8 billion per units, increasing up to 20% after it was first launched in March 2017. The company director Diana Solaiman claimed that so far 90% units of the apartment had been sold with sales value roughly Rp 300 billion. She expected the hand-over ceremony would be done in December 2019.
Reagan said he was confident that the apartment units would be sold out within two to three months as the company offered payment based on construction progress.
Besides One Residence Batam, Diana said INPP will focus on developing mixed use properties in Makassar and Bali. She said that the company is currently partnering with Hyatt Hotels Corporation to develop a high-end mixed use property in Makassar, South Sulawesi. It is going to invest approximately Rp 580 billion to build the 36-story apartment that combines hotel and apartment in one tower. The company plans to start the apartment pre-selling on the first-half of 2019.
Meanwhile for the project in Bali, the company is going to extend the Beachwalk Mall and add a high-end apartment to the property. Diana said the company would invest roughly Rp 500 billion to develop the four-story apartment with 60 units there.